ACCESSWIRE
20 Jan 2023, 08:05 GMT+10
BURLINGTON, ON / ACCESSWIRE / January 19, 2023 / Memex Inc. ('Memex' or the 'Company') (TSXV:OEE), a leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today released financial and operational highlights for its fiscal year ending September 30, 2022. All results are reported in Canadian dollars. A complete set of its September 30, 2022 Consolidated Financial Statements and Management's Discussion & Analysis has been filed at www.sedar.com.
Summary financial highlights for the three-months ended September 30, 2022:
Summary financial highlights for the year ended September 30, 2022:
Management commentary:
'Results for the last quarter, and even the past two, showing small gains, have been encouraging given some of the challenges we faced at the start of the year,' said Memex CEO David McPhail. 'Improvements in product quality and delivery efficiencies have been crucial to maintaining our working capital. Our focus is now squarely on converting our leads and prosects, including those generated at IMTS this year.'
On October 18, 2022, in a separate press release Memex's Board of Directors announced the forming of a special committee of independent directors (the 'Special Committee') to initiate a review process to explore and evaluate a broad range of strategic alternatives with an aim to accelerate the growth of the business. This Special Committee's review continues to involve the evaluation of the Company's current strategic direction, operations, market valuation and capital structure and is still considering a range of alternatives for the Company, including strategic investor investment, merger with an industry partner, and other strategic alternatives that may be identified during its' strategic review.
Selected financial information:
* Working Capital = current assets - current liabilities less unearned rev
** Working Capital ratio = current assets / current liabilities less unearned rev
About Memex Inc.:
Established in 1992, Memex grew to be an industry leader in Industry Internet of Things (IIoT) through the development of MERLIN Tempus, an award-winning platform that delivers real-time, tangible increases in manufacturing productivity. Memex is on the leading edge of industry trends in computing power, machine connectivity, industry standards, advanced software technology, and manufacturing domain expertise.
Our persistent pursuit of innovative IIoT solutions led to a comprehensive understanding of the challenge's manufacturers face. We made it our mission to, 'successfully transform factories of today into factories of the future.' As the global leader in Machine to Machine (M2M) connectivity solutions, our hardware and software products create unparalleled visibility at all levels, from 'Shop-Floor-to-Top-Floor.'
The MERLIN Tempus Suite provides effective quantification and management of Overall Equipment Effectiveness (OEE) by revealing hidden capacity using real-time objective data. Further, it offers sustainable benefits that enable world-class OEE such as reducing costs, incorporating strategies for continuous LEAN improvement, and boosting bottom-line financial performance. For more information, please visit: www.MemexOEE.com
For investor inquiries please contact:
Sean Peasgood, Investor Relations
647-977-9264
sean@sophiccapital.com
Neither the TSX Venture Exchange nor its Regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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i & ii These non-IFRS financial measures are identified, defined and reconciled to their closest IFRS measures, revenue and unearned revenue, within our Management's Discussion and Analysis for the years ended September 30, 2022, and 2021, in the section 'Other Financial Measures.' That MD&A is available at www.sedar.com under our company profile.
SOURCE: Memex Inc.
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